Beijing Chengfang Huida Enterprise Management Co., Ltd. entered into a framework agreement to acquire certain assets of Bank of Jinzhou Co., Ltd. (SEHK:416) for CNY 45 billion on March 31, 2020. The parties shall further enter into particular disposal agreements under the scope of the framework disposal agreement to implement the disposal. As of July 10, 2020, the specific disposal agreements regarding the respective disposal assets will be entered into on July 13, 2020. Certain assets include certain credit assets and other assets of the Bank of Jinzhou, including corporate loans and beneficial interest transfer plans. Net loss attributable to the assets was approximately CNY 5.47 billion for the year ended December 31, 2019. The transaction is subject to satisfaction of certain conditions including approval by the shareholders of Bank of Jinzhou Co., Ltd. at the extraordinary general meeting to be held on July 10, 2020, approval of the agreement and the transactions contemplated thereunder by Beijing Chengfang Huida Enterprise Management and debt instrument subscription agreement, being the subscription of a directional debt instrument in the principal amount of CNY 75 billion, having been signed and becoming effective. As of June 26, 2020, Beijing Chengfang Huida Enterprise Management has approved the transaction and debt instrument subscription agreement has been signed. As of July 10, 2020, the shareholders of Bank of Jinzhou approved the transaction and all conditions precedent to the framework disposal agreement have been satisfied. The net proceeds from the transaction are intended to be used for the general working capital of Bank of Jinzhou, improve assets quality, reduce use of capital and accordingly, improve the capital adequacy ratio and liquidity of Bank of Jinzhou. Crowe (HK) CPA Limited acted as accountant for Bank of Jinzhou Co., Ltd. The transaction is expected to be completed on July 13, 2020. Beijing Chengfang Huida Enterprise Management Co., Ltd. completed the acquisition of certain assets of Bank of Jinzhou Co., Ltd. (SEHK:416) on July 27, 2020. As of July 27, 2020, specific disposal agreements for all the disposal assets have been entered into between Bank of Jinzhou Co., Ltd. and Beijing Chengfang Huida Enterprise Management. The Consideration had also been fully settled.